CBDT has issued a notification 32/2014 dated 23-06-2014 regarding wealth tax return.Major changes has been made regarding filing of wealth...
CBDT has issued a notification 32/2014 dated 23-06-2014 regarding wealth tax return.Major changes has been made regarding filing of wealth tax return.we have summarised all the changes as under.
- New wealth tax return form BB shall be applicable from assessment year 2014-15.
- E filing of wealth tax return is mandatory for all type of persons for assessment year 2014-15 onwards except as per sr no 3 below.
- Individual / HUF to whom provision of section 44AB (tax audit) is not applicable in assessment year 2014-15 may file wealth tax return on paper form.
- Exemption to Individual / HUF is granted (as per sr no -3 above) only for AY 2014-15.so from next year (AY 2015-16) all person are required to e file wealth tax return with digital signature.
- E filing is to be done with digital signature.
- Nothing is to be attached with wealth tax return like statement of computation of tax payable ,valuation report of registered valuer, proof of tax or interest deposit.
- E filing process will be notified in due course.
- Due date to file wealth tax return is same as of Income Tax return
The complete notification is given as under for your ready reference
WEALTH-TAX (FIRST AMENDMENT) RULES, 2014 - SUBSTITUTION OF RULE 3 AND INSERTION OF FORM BB
NOTIFICATION NO.32/2014 [F.NO.143/1/2014-TPL]/SO 1576(E), DATED 23-6-2014
In exercise of the powers conferred by clause (ba) and clause (bb) of sub-section (2) of section 46 read with section 14A and section 14B of the Wealth-tax Act, 1957 (27 of 1957), the Central Board of Direct Taxes hereby makes the following rules further to amend the Wealth-tax Rules, 1957, namely:—
1. (1) These rules may be called the Wealth-tax (First Amendment) Rules, 2014.
(2) They shall come into force on the date of their publication in the Official Gazette.
2. In the Wealth-tax Rules, 1957 (hereinafter referred to as the "said rules"),—
(i) for rule 3, the following rule shall be substituted, namely:—
"3. FORM OF RETURN OF NET WEALTH.—(1) The return of net wealth referred to in section 14 shall—
(a) in respect of assessment year 2013-14 and earlier assessment years in the case of individuals, Hindu undivided families and companies, be in Form BA and shall be verified in the manner specified therein.
(b) in respect of the assessment year 2014-15 and any other subsequent assessment year in the case of individuals, Hindu undivided families and companies be in Form BB and shall be verified in the manner specified therein.
(2) Subject to the provisions of sub-rule (3), for the assessment year 2014-15 and any other subsequent assessment year, the return of net wealth referred to in sub-rule (1) shall be furnished electronically under digital signature.
(3) In case of individual or Hindu undivided family to whom the provisions of section 44AB of the Income-tax Act, 1961 (43 of 1961) are not applicable, the return of net wealth referred to in sub-rule (1) may be furnished for assessment year 2014-15 in a paper form.
(4) The return of net wealth required to be furnished in Form BB shall not be accompanied by a statement showing the computation of the tax payable on the basis of the return, or proof of the tax and interest paid, or any document or copy of any account or form of report of valuation by registered valuer required to be attached with the return of net wealth under any provisions of the Act.
(5) The Director General of Income-tax (Systems) shall specify the procedures, formats and standards for ensuring secure capture and transmission of data and shall also be responsible for evolving and implementing appropriate security, archival and retrieval policies in relation to furnishing the returns in the manners specified in sub-rule (2)."
3. In the said rules, in Appendix, after Form BA, the following Form shall be inserted; namely :—
Download FORM BB RETURN OF NET WET WEALTH
[See rule 3(1)(b) of Wealth-tax Rules, 1957]